{"id":17588,"date":"2019-05-06T20:24:04","date_gmt":"2019-05-06T20:24:04","guid":{"rendered":"https:\/\/everyday.ng\/?p=17588"},"modified":"2019-05-06T20:24:04","modified_gmt":"2019-05-06T20:24:04","slug":"nigeria-loses-over-n790bn-to-smuggling-of-textile-goods-emefiele","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=17588","title":{"rendered":"Nigeria loses over N790bn to smuggling of textile goods \u2013 Emefiele"},"content":{"rendered":"<p>By <strong>Bamidele Samuel Adesoji<\/strong> (<strong>nairametrics.com<\/strong>)<br \/>\nGovernor of the\u00a0Central Bank of Nigeria\u00a0(CBN)\u00a0Mr Godwin Emefiele, has disclosed that Nigeria loses over N790 billion ($2.2 billion) to the smuggling of textile goods annually.<br \/>\nMr. Emefiele stated this today (Monday) during\u00a0the official flag off of the distribution of seeds and other inputs\u00a0to cotton farmers in Katsina state for the 2019 planting season, under the auspices of the\u00a0National Cotton Association of Nigeria.<br \/>\n<strong>130 firms collapsed in Nigeria\u2019s Textile Industry<\/strong>:\u00a0During the event in Katsina State,\u00a0Mr Emefiele stated that no fewer than 130 textile companies have died in the country in recent times due to some constraints.<\/p>\n<blockquote><p>\u201cTEXTILE INDUSTRIES USED TO BE THE LARGEST EMPLOYERS OF LABOUR IN NIGERIA AFTER THE PUBLIC SERVICE BUT DUE TO CERTAIN CONSTRAINTS, SUCH AS SMUGGLING, DUMPING, LACK OF ACCESS TO FINANCE AND ISSUE BORDERING ON POWER, OVER 130 TEXTILE COMPANIES HAVE SO FAR PERISHED.\u2019\u2019<\/p><\/blockquote>\n<p>Furthermore, the apex bank Governor stressed that\u00a0the ginners, spinners, and about one million farmers who were planting cotton as their source of livelihood also lost their jobs.<br \/>\n<strong>CBN to go tough on smugglers:\u00a0<\/strong>Meanwhile,\u00a0CBNwent tough on smugglers of textile materials and their accomplices in Katsina, threatening to blacklist individuals, banks, and corporate bodies found to be encouraging the practice in any way.<br \/>\nEmefiele\u00a0also announced that the apex bank is gathering data\u00a0and investigating the accounts of individuals and corporate bodies\u2019 currently involved or encouraging smuggling and dumping of textile materials into the country.<br \/>\nHe further stated that the investigation would be extended to the 42 other items restricted from FOREX in Nigeria. Names of individuals and companies found wanting would be publicised, and blacklisted, he said.<br \/>\nRevitalising the Textile Industry\u00a0\u2013\u00a0Meanwhile, Mr Emefiele\u00a0described the launch as representing a milestone event being part of the measures the bank\u00a0have embarked upon along with other stakeholders (including the Federal Ministry of Agriculture and Rural Development) towards the revival of Nigeria\u2019s Cotton, Textiles and Garments industry.<\/p>\n<blockquote><p>\u201cI BELIEVED THAT THE CENTRAL BANK OUGHT TO PLAY A MORE IMPORTANT ROLE IN SUPPORTING NIGERIA\u2019S ECONOMIC DEVELOPMENT, GIVEN THE CONSTRAINTS FACED BY RURAL FARMERS, SMES AND MANUFACTURING COMPANIES. MORE IMPORTANTLY, WE BELIEVE THAT CBN\u2019S INTERVENTION WHICH IS AIMED AT IMPORT SUBSTITUTION WILL HELP IN CONSERVING SCARCE FOREIGN EXCHANGE FOR NIGERIA.\u201d<\/p><\/blockquote>\n<p>He further maintained that President Muhammadu Buhari placed considerable emphasis on addressing impediments to the growth of Nigeria\u2019s agricultural and manufacturing sectors, as both sectors represent over 52% of the country\u2019s GDP.<\/p>\n<blockquote><p>\u201cWE MUST REVITALISE THE TEXTILE INDUSTRY TO BE THE LARGEST EMPLOYER OF LABOUR, WE FEEL THAT WE WILL SET THE STAGE ROLLING, WE MUST COME TO KATSINA STATE WHICH IS THE LARGEST PRODUCER OF COTTON TO BEGIN A PROCESS.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>By Bamidele Samuel Adesoji (nairametrics.com) Governor of the\u00a0Central Bank of Nigeria\u00a0(CBN)\u00a0Mr Godwin Emefiele, has disclosed that Nigeria loses over N790 billion ($2.2 billion) to the smuggling of textile goods annually. Mr. Emefiele stated this today (Monday) during\u00a0the official flag off of the distribution of seeds and other inputs\u00a0to cotton farmers in Katsina state for the [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":14935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[],"class_list":["post-17588","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/17588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17588"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/17588\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}